28 Retirees from Financial Supervisory Service Reemployed This Year: 15 in Finance Sector, 11 in Legal Field

[Asia Economy Reporter Kwangho Lee] It has been revealed that nearly 30 retirees from the Financial Supervisory Service (FSS) have been re-employed this year after receiving approval from the Government Ethics Committee for Public Officials.

According to the National Assembly's Political Affairs Committee's national audit response materials submitted by the FSS on the 29th, a total of 26 FSS retirees were re-employed from January to August this year following the Ethics Committee's review: 2 executives, 3 grade 1 officials, 11 grade 2 officials, 9 grade 3 officials, and 1 grade 4 official. This month, re-employment was approved for one person each in grades 2 and 4, bringing the total number of FSS retirees re-employed to 28.

Fifteen retirees re-employed this year moved to the financial sector, which traditionally prefers re-employment. The organizations that hired them include the Korea Financial Investment Association, Korea Accounting Standards Board, Korea Enterprise Data, KOSDAQ Association, Samsung Economic Research Institute, Hyundai Asset Management, Hyundai Capital, KB Savings Bank, and Eugene Investment & Securities.

There are also cases of moving to online financial platforms or cryptocurrency exchanges. Senior Investigator A (grade 3) from the Financial Education Bureau moved to KakaoPay, and Deputy Director Investigator B (grade 2) from the Fintech Field Advisory Group moved to Dunamu, the operator of the cryptocurrency exchange Upbit.

Additionally, 11 others were employed in the legal sector, such as law firms or legal offices, and one person was employed at a defense industry company.

According to the Public Officials Ethics Act, FSS employees of grade 4 or higher are generally prohibited from re-employment in financial companies for three years after retirement. However, if the Ethics Committee recognizes through review that there is no relevance between the duties handled in the five years prior to retirement and the duties at the prospective employer, re-employment is permitted.